Following another year of expansive growth led by a new global senior partner, Clyde & Co has posted a 14% revenue hike for 2016-17, marking the firm’s 19th successive year of growth.
The firm reached £508.1m during the 12-month period, passing the £500m barrier for the first time, up from £447.3m reported in the previous year.
Total profit increased by 9% to £127.6m, however, profit per equity partner fell by 2% from £665,000 to £650,000 from the previous year. The firm attributed the dip to an 11% increase in its partner numbers, which rose by 40 to nearly 400.
The increase in partner number came from its sustained geographical expansion of recent years in the last 12 months, opening new offices in Miami, Chicago, Washington DC, Mexico City and Duesseldorf.
The latest revenue growth signifies that since 2011-12, the year Clyde & Co merged with its insurance rival Barlow Lyde & Gilbert, revenue has grown by 77% from £287m.
Global chief executive officer Peter Hasson told Legal Business that “We have seen an expansion in partner numbers as we have expanded our business, but the other thing they show is that we continue to focus on the long term, and we have invested heavily over the course of the year on improving our efficiency. The key thing is to balance the demand of improving growth in a single year and investment for the longer term.
“We have seen our international business grow by about 25% in the course of the year, and we are now close to a 50/50 UK-international revenue split. Post-Brexit, we see developing our presence in continental Europe as a useful hedge for the business, particularly if the insurance market fragments between UK and Europe.”